SPAIN GOLDEN SHARE SYSTEM CONDEMNED BY ECJ
February 1st, 2008
BY KEITH NUTHALL
THE EUROPEAN Court of Justice (ECJ) has declared illegal under European Union (EU) law Spanish regulations that limit the voting rights of publicly-owned organisations on energy utilities in Spain. These rules have been criticised by the European Commission for preventing potential takeovers by foreign companies. The court found them in breach of EU treaty commitments on freedom of movement of capital.
ENDS
THE EUROPEAN Court of Justice (ECJ) has declared illegal under European Union (EU) law Spanish regulations that limit the voting rights of publicly-owned organisations on energy utilities in Spain. These rules have been criticised by the European Commission for preventing potential takeovers by foreign companies. The court found them in breach of EU treaty commitments on freedom of movement of capital.
ENDS
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